Sec Form 13D Filing - Mackay Bart P filing for CV Sciences Inc. (CVSI) - 2016-07-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D/A

 

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

CV Sciences, Inc. (formerly CannaVEST Corp.)

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

126654102

(CUSIP Number)

 

Bart Mackay

6325 S. Jones Boulevard #500

Las Vegas, Nevada 89118

(801) 734-0263

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

July 6, 2016

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (“Act”), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

CUSIP No. 126654102

1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Mai Dun Limited LLC
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)  ☒ (b)  ☐
3.		SEC USE ONLY
4.		SOURCE OF FUNDS (See Instructions)   OO
5.		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6.		CITIZENSHIP OR PLACE OF ORGANIZATION   Nevada
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH				7.		SOLE VOTING POWER   5,463,162
				8.		SHARED VOTING POWER   0
				9.		SOLE DISPOSITIVE POWER   5,463,162
				10.		SHARED DISPOSITIVE POWER   0
11.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,463,162
12.		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
13.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.5% (1)
14.		TYPE OF REPORTING PERSON (See Instructions) OO

(1)

Based on 52,113,924 shares of the Issuer’s common stock outstanding as of the date of this Statement (as defined below), including 52,013,924 shares of common stock outstanding as of May 16, 2016, as reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 16, 2016 and including 100,000 shares of the Issuer’s common stock which may be acquired by the Reporting Persons upon exercise of the Warrant (as defined below).

 

 

 

 

 

CUSIP No. 126654102

1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Mackay Ventures LLC
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)  ☒ (b)   ☐
3.		SEC USE ONLY
4.		SOURCE OF FUNDS (See Instructions)   OO
5.		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6.		CITIZENSHIP OR PLACE OF ORGANIZATION   Utah
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH				7.		SOLE VOTING POWER   618,564
				8.		SHARED VOTING POWER   5,408,530 (1)
				9.		SOLE DISPOSITIVE POWER   618,564
				10.		SHARED DISPOSITIVE POWER   5,408,530
11.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,027,094
12.		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
13.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.6% (2)
14.		TYPE OF REPORTING PERSON (See Instructions) OO

(1)

Represents Mackay Ventures LLC’s 99% ownership interest in Mai Dun Limited LLC (“Mai Dun”). Mackay Ventures LLC (“Mackay Ventures”), which is solely owned by Bart Mackay (“Mr. Mackay”), owns a 99% interest in Mai Dun, and Mr. Mackay owns the remaining 1% in Mai Dun. Mr. Mackay is deemed to have shared voting and investment power over the shares owned by each of Mai Dun and Mackay Ventures.

 

(2)

Based on 52,113,924 shares of the Issuer’s common stock outstanding as of the date of this Statement, including 52,013,924 shares of common stock outstanding as of May 16, 2016, as reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 16, 2016 and including 100,000 shares of the Issuer’s common stock which may be acquired by the Reporting Persons upon exercise of the Warrant as of the date of this Statement.

 

 

 

CUSIP No. 126654102

1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Bart Mackay
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)  ☒ (b)  ☐
3.		SEC USE ONLY
4.		SOURCE OF FUNDS (See Instructions)   OO
5.		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6.		CITIZENSHIP OR PLACE OF ORGANIZATION   United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH				7.		SOLE VOTING POWER   175,000
				8.		SHARED VOTING POWER   6,081,726 (1)
				9.		SOLE DISPOSITIVE POWER   175,000
				10.		SHARED DISPOSITIVE POWER   6,081,726
11.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,256,726
12.		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
13.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.0% (2)
14.		TYPE OF REPORTING PERSON (See Instructions) IN

(1)

Represents shares directly owned by Mai Dun and Mackay Ventures. Mackay Ventures, which is solely owned by Mr. Mackay, owns a 99% interest in Mai Dun, and Mr. Mackay owns the remaining 1% in Mai Dun. Mr. Mackay is deemed to have shared voting and investment power over the shares owned by each of Mai Dun and Mackay Ventures.

 

(2)

Based on 52,113,924 shares of the Issuer’s common stock outstanding as of the date of this Statement, including 52,013,924 shares of common stock outstanding as of May 16, 2016, as reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 16, 2016 and including 100,000 shares of the Issuer’s common stock which may be acquired by the Reporting Persons upon exercise of the Warrant as of the date of this Statement.

 

 

 

ITEM 1. SECURITY AND ISSUER

 

This Amendment No. 6 (this “Amendment”) amends and supplements the statement on Schedule 13D filed on behalf of the Reporting Persons (as defined below) with the Securities and Exchange Commission (“SEC”) on November 30, 2012, as amended by each of Amendment No. 1 thereto filed with the SEC on February 21, 2013, Amendment No. 2 thereto filed with the SEC on July 28, 2014, Amendment No. 3 thereto filed with the SEC on August 25, 2015, Amendment No. 4 thereto filed with the SEC on January 20, 2016 and Amendment No. 5 thereto filed with the SEC on April 12, 2016 (collectively, the “Statement”). This Amendment relates to the common stock, no par value per share (the “Common Stock”), of CV Sciences, Inc., formerly CannaVEST Corp., a Delaware corporation (the “Issuer”). The address of the principal executive office of the Issuer is 2688 South Rainbow Boulevard, Suite B, Las Vegas, Nevada 89146.

 

Except as specifically amended by this Amendment, the disclosure in the Statement remains in full force and effect. Capitalized terms used in this Amendment but not otherwise defined shall have the meanings given to such terms in the Statement.

 

ITEM 2. IDENTITY AND BACKGROUND

 

Item 2 of the Statement is hereby amended and restated in its entirety as follows:

 

(a)    This Statement is filed on behalf of Mai Dun Limited LLC, a Nevada limited liability company (“Mai Dun”), Mackay Ventures LLC, a Utah limited liability company and formerly known as Mackay Ventures, Inc. (“Mackay Ventures”), and Bart Mackay, a natural person (“Mr. Mackay”). Mai Dun, Mackay Ventures and Mr. Mackay are referred to collectively as the “Reporting Persons.”

 

(b)   The business address for each of Mai Dun and Mr. Mackay is 6325 S. Jones Boulevard #500, Las Vegas, Nevada 89118. The business address for Mackay Ventures is 1193 S. 2100 E., Springville, Utah 84663.

 

(c)    The principal business of Mai Dun consists of owning shares of the Issuer. In addition to owning shares of the Issuer, Mackay Ventures is engaged in the business of business, management, and strategic consulting, rendering services to various non-affiliated business and technology clients and also owns shares or ownership interest in various business ventures that are not affiliated with the Issuer. Mackay Ventures (99%) and Mr. Mackay (1%) are the sole members of Mai Dun. Mr. Mackay is a self-employed attorney and is the manager of each of Mai Dun and Mackay Ventures, with sole authority to take action on behalf of each of Mai Dun and Mackay Ventures.

 

(d)   During the last five years, the Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

 

(e)    During the last five years, the Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation of such laws.

 

(f)    Mai Dun is formed in Nevada and Mackay Ventures is formed in Utah. Mr. Mackay is a citizen of the United States.

 

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

 

Item 3 of the Statement is hereby amended to add the following paragraph:

 

On July 6, 2016, in recognition for his valuable service as a director, the Board of Directors of the Issuer (the “Board”) approved the issuance of a common stock purchase warrant to Mr. Mackay with the right to purchase up to 100,000 shares of the Issuer’s Common Stock (the “Warrant”). The Warrant is exercisable at any time prior to the fifth (5^th) anniversary of the date of issuance at an exercise price of $0.368 per share, subject to adjustment upon the occurrence of certain events such as stock splits and dividends.

 

 

 

 

ITEM 4. PURPOSE OF TRANSACTION

 

Item 4 of the Statement is supplemented as follows:

 

On June 1, 2016, Mr. Mackay resigned as a member of the Board. His resignation did not result from any disagreement with the Issuer. Mr. Mackay resigned as a director due to business commitments.

 

The securities of the Issuer were acquired for investment in the ordinary course of the Reporting Persons’ business and not with the purpose nor with the effect of changing or influencing control of the Issuer nor in connection with or as a participant in any transaction having such purpose or effect. See Item 3 of this Statement, which is hereby incorporated by reference in this Item 4.

 

Except to the extent the foregoing may be deemed a plan or proposal, the Reporting Persons have no present plan or proposal which relates to, or could result in, any of the events referred to in paragraphs (a) through (j), in clusive, of Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose.

 

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER

 

Item 5(a) of the Statement is hereby amended and restated in its entirety as follows:

 

(a) The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference. The percentages set forth in Row 13 of the cover pages and this Item 5(a) assumes that 52,113,924 shares of common stock are outstanding as of the date of this Statement including 52,013,924 shares of the Issuer’s common stock outstanding as of May 16, 2016, as reported in the Issuer’s Quarterly Report on Form 10-Q filed on May 16, 2016, and including 100,000 shares of the Issuer’s common stock which may be acquired by the Reporting Persons upon exercise of the Warrant as of the date of this Statement. The amount of shares beneficially owned by Mr. Mackay set forth in Rows (7), (9) and (11) of Mr. Mackay’s cover page of this Statement and this Item 5(a) includes 100,000 shares of the Issuer’s common stock which may be acquired by Mr. Mackay upon exercise of the Warrant.

 

Item 5(b) of the Statement is hereby amended and restated in its entirety as follows:

 

(b) The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.

Item 5(c) of the Statement is hereby amended and restated in its entirety as follows:

 

(c) Other than as set forth in Items 3 and 4 of this Statement, which are hereby incorporated by reference in this Item 5(c), the Reporting Persons have not effected any transaction relating to the Issuer’s Common Stock during the past sixty (60) days or since the filing of the Statement.

 

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

 

Item 6 of the Statement is hereby amended to add the following paragraph:

 

Pursuant to the terms of the operating agreement of Mackay Ventures, the manager of Mackay Ventures (which is Mr. Mackay) has the sole authority to act on behalf of Mackay Ventures with respect to the shares of Common Stock of the Issuer. Other than the foregoing and as set forth in Item 3 and Item 4 of this Statement, which are hereby incorporated by reference in this Item 6, the Reporting Persons are not subject to any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer.

 

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS

 

Item 7 of the Statement is hereby amended to add the following exhibits:

 

Exhibit 14	Joint Filing Agreement
Exhibit 15	Warrant to Purchase Common Stock, dated as of July 6, 2016

 

 

 

 

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: July 26, 2016

 

	MAI DUN LIMITED LLC   By: /s/ Bart Mackay                                Bart Mackay, Manager
	MACKAY VENTURES LLC   By: /s/ Bart Mackay                               Bart Mackay, Manager
	/s/ Bart Mackay                                     Bart Mackay